Highlights of the VET Wallet and Token Swap AMA

Following the July 9 release of the VeChainThor Mobile Wallet, on July 11, 2018, the VeChain Foundation ran an AMA on Reddit to answer questions about new wallet features. They also covered some other issues, such as the recent token swap and matters of security. Here we summarize the key points from that discussion.

New Features for the VeChainThor Mobile Wallet

The VeChainThor Wallet will include an identity system, VeVID integration, a browser for dapps, and many more functions currently being developed by the VeChain team.

The account system will be the same for both the VeVID system and the VeChainThor Wallet, so you will be able to access your VeVID account within the wallet interface. There will be a high degree of integration of KYC services that use the VeVID system so users will be able to access most or all of them through the VeChainThor Wallet.

The VeChainThor Wallet development team is working with OceanEX to provide exchange services. However, while this ability is a known feature request, there is no timeline for its implementation.

A minor note, but one that seems to have been given some focus is that addresses are going to remain patterned after the Ethereum format, with the “0x” at the beginning, because changing that one aspect would necessitate adjustments that could impact multiple aspects of how VeChain works. The technical risk involved in what is making essentially a cosmetic change has been deemed by the developers to simply not be worthwhile.

US Regulations and ICOs on VeChain

Non-accredited US citizens are banned from most ICOs, so unfortunately US citizens might not be able to participate in ICOs held on VeChain. VeChain hopes to use the VeVID system to streamline the KYC process, but this may not be sufficient to impact US regulatory restrictions.

Obtaining a VeVID requires the same level of identification and verification that will be familiar to anyone who has signed up on an exchange. What exact documentation you’ll need to provide will be contingent on exactly what services you will be using your VeVID for, in response to what they ask of you.

However, running an X-node should not have any relation to regulatory status at all, and running an X-node does not require any KYC validation.

Dapps and Other Functions in the Wallet

Features previously only available in the VeChain Pro App are planned to be included in the VeChainThor Wallet. Product verification and ownership transfer for digitized products will be possible in the VeChainThor Wallet.

There is a significant amount of development required to reach the point where dapps will be widely available, and also the token swap process will necessitate some delay. There are some dapps actively testing now on the public testnet, but because VeChain is targeting enterprise-level solutions for businesses, the level of stability required is held to a higher standard.

Nonetheless, there should be some dappsoffered in late Q3 or Q4 of this year.

Sync, the VeChainThor user agent, is available on both Mac and Windows, and can do binding and swapping.

Private keys never leave the wallet. It’s only possible to export the mnemonic phrase during one stage of wallet creation for backup purposes, after which it is deleted from the app. Third-party testing has verified that there are no known security vulnerabilities.

It is always a challenge to balance security versus the ease of use. Currently, the VeChain developers believe that the VeChainThor Wallet is one of the most secure wallets out there, so there are no current plans to add more security features beyond what is currently implemented.

Swaps on Wallets or Exchanges

During the swap process, VEN will most likely have withdrawals disabled, but deposits should continue. However, keep in mind that decisions about the swap process are made by the exchanges, not VeChain, so check with your exchange for specifics.

VTHO is automatically generated for any address with a VET balance. It is up to the exchange if they want to deposit that generated amount to the wallet that holds that address. Check with your exchange for specifics.

VTHO generation is not wallet dependant. Also, unlike other blockchains, VTHO generation does not require any manual intervention, and begins immediately for any address with a VET balance. Any address with a VET balance will generate VTHO.

For Trezor and Ledger Users

There is no specific time for when Trezor support can be expected. You can still bind your X Node with an address that is created in the VeChainThor Wallet before the X Node binding deadline.

The VeChainThor Wallet is the focus of all development and where all features will be implemented. The VeChain developers can not guarantee any other interface will have access to the same features, so they strongly suggest using the VeChainThor Wallet.

About Dave Gutteridge

Dave is a writer and performer who got involved in cryptocurrencies at the start of 2017 when he was hired to work at a Bitcoin related company. Since then, he's been writing about crypto for various online magazines, which has given him the opportunity to continually learn deepen his understanding of this exciting new world. When not writing, Dave performs standup comedy, draws comic book super heroes, and fights mortality through diet and exercise.